Solar91, founded by 4 IITians, files for IPO

Mumbai (Maharashtra) [India], September 2: Turnkey Solar Energy Solutions provider, Solar91 Cleantech Limited has filed its Draft Red Herring Prospectus (DRHP) with BSE’s SME platform for its proposed Initial Public Offering (IPO). The public issue will consist of a fresh issue of 54.36 lakh shares at a face value of INR 10 each, worth approximately INR 100 crore through the book building route. Solar91 has appointed Narnolia Financial Services Limited as the Lead Manager to the Issue and Maashitla Securities Private Limited as the Registrar to the Issue.

Solar91 was founded in 2015 by Prateek Agrawal (IIT Roorkee, 2013), Sandeep Gurnani (IIT Delhi, 2012), Saurabh Vyas (IIT Bombay, 2004) and Dhawal Vasavada (IIT Roorkee, 2011) with a dream to contribute to a clean energy driven India. The company provides turnkey EPC services to commercial and Industrial customers across India. Currently, it has an order book of more than 155MW as an Independent Power Producer (IPP) under the PM Kusum (C2 – Feeder Level Solarization) Scheme.

Solar91, headquartered in Jaipur, Rajasthan has worked in 13 states across India having successfully commissioned close to 80 MW in distributed Solar Projects.  As per the DRHP, the company will mainly use the issue proceeds from the IPO towards development of projects as an IPP. Further, a part will also be utilized towards meeting its working capital requirements as an EPC company.